City release key financial report

STOCKTON – The city has released a long awaited report dissecting Stockton’s finances of the year ending June 30, 2011, a critical period of time preceding Stockton’s Chapter 9 bankruptcy filing.

The Record

STOCKTON – The city has released a long awaited report dissecting Stockton’s finances of the year ending June 30, 2011, a critical period of time preceding Stockton’s Chapter 9 bankruptcy filing.

The Comprehensive Annual Financial Report comes one year late, a delay city officials justify by saying “this has not been a typical year.” They cite the bankruptcy, dissolution of the city’s Redevelopment Agency and a state Controller’s audit.

City officials say in a memo that today’s report is consistent with other audits the city has undertaken, leading officials to seek bankruptcy protection June 28.

The city’s CFO Vanessa Burk is expected to present the annual financial report on Tuesday to the City Council.

Read Friday’s Record for more on this story by staff writer Scott Smith, and view the CAFR by visiting his blog.